The losing streak continues for US major indices as ongoing trade wars weigh onto broader investor sentiment. With the US threatening to apply tariffs on $200 billion worth of Chinese goods, this week performances have been pressured lower.
The USD’s performance has been closed to flat so far as we approach end of week. Today losses followed through from Thursday’s losses and the US Dollar index, measuring the USD’s performance against a basket of other currencies, is currently trading at 94.80.
As we moved into Asia, sentiment remained very much subdued as the major equity indices manifested mixed results. The largest losses stemmed from the Japanese Nikkei down by 0.90% up to the time of writing. Needless to say the ongoing trade concerns impinged on performances even higher but investors must also be eyeing a meeting of OPEC and non-OPEC oil producers that is due to be held today.
Yesterday the Bank Of England kept policy rates unchanged, but the GBP has enjoyed some support on the back of one more committee member voted for a rate hike.
In terms of data today we are expecting PMI data from EZ, Retail Sales and CPI from Canada and Manufacturing PMI from the US.
Nice weekend!
